According to a July 9 announcement, Ripple has appointed BNY Mellon as the official reserve custodian for its enterprise-focused stablecoin, Ripple USD (RLUSD).
According to a July 9 announcement, BNY Mellon was selected based on its extensive experience in digital asset infrastructure and its role as a trusted provider of transaction banking services in the US. The bank will now manage RLUSD’s cash reserves and support Ripple’s operational needs through integrated banking solutions.
Jack McDonald, the Senior Vice President of Stablecoins at Ripple, described RLUSD as addressing a significant gap in enterprise-grade financial tools. He praised BNY Mellon’s expertise and commitment to innovation, calling the bank a ‘forward-thinking partner’ capable of bridging traditional and decentralized finance.
Emily Portney, the Global Head of Asset Servicing at BNY, also echoed this sentiment, while adding that:
“As primary custodian for RLUSD, we’re proud to support the growth of digital assets by providing a differentiated platform, designed to meet the evolving needs of institutions in the digital assets ecosystem.”
This move follows Ripple’s earlier partnership with Switzerland-based AMINA Bank, which now offers custody and trading services for RLUSD in Europe. That integration brought the stablecoin into a regulated banking environment, expanding its footprint among institutional and private clients.
RLUSD supply surpasses $500 million
The collaboration with major financial institutions appears to be fueling RLUSD’s momentum.
Data from CryptoSlate shows that RLUSD’s circulating supply has now exceeded $501 million, less than a year after its launch.
Around $435 million is currently on the Ethereum network, while $65 million resides on Ripple’s XRP Ledger.
This growth shows the stablecoin’s increasing relevance, especially in regulated environments. RLUSD is pegged 1:1 to the US dollar and backed by a segregated reserve consisting of cash and cash equivalents.
The New York Department of Financial Services approved it in December 2024, while the Dubai Financial Services Authority cleared it for use this year.
Unlike many stablecoins built for retail usage, RLUSD is designed for enterprise-level cross-border transactions, offering faster settlement, lower costs, and improved efficiency.
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